EXPLANATION – Matter in bolded italics is new; matter between brackets [omitted material] is material to be omitted. Green numbers along left margin indicate location on the printed bill (e.g., 5-15 indicates page 5, line 15).

1-1 Section 1. Chapter 315 of NRS is hereby amended by adding thereto

1-2 the provisions set forth as sections 2 to 27, inclusive, of this act.

1-3 Sec. 2. "Affiliate" means another party to an arrangement in which

1-4 an authority participates by sharing ownership or governance. An

1-5 affiliate is "controlled" if commissioners, officers, employees or agents of

1-6 the authority constitute a majority of the governing body or the authority

1-7 holds a majority of the ownership.

1-8 Sec. 3. "Affordable housing" means dwelling units that may be

1-9 rented or purchased by persons of eligible income with or without

1-10 governmental assistance.

1-11 Sec. 4. "Arrangement" means a legal relationship with an artificial

1-12 person.

1-13 Sec. 5. "Commissioner" means a member of the governing body of

1-14 an authority.

1-15 Sec. 6. "Community facility" means real and appurtenant personal

1-16 property suitable for public recreation or education or to promote public

1-17 health or welfare.

2-1 Sec. 7. "Development" means:

2-2 1. The actions and property described in NRS 315.440 and sections

2-3 16 to 23, inclusive, of this act; or

2-4 2. The acquisition or creation of mobile home parks and facilities,

2-5 the rental or leasing of mobile home lots or the purchase, rental or

2-6 leasing of mobile homes.

2-7 Sec. 8. "Family" means a person or group of persons, whether or

2-8 not including any children, whom an authority accepts for occupancy of

2-9 a dwelling or to whom the authority provides other assistance.

2-10 Sec. 9. "Guest" means a person, not a resident of the development

2-11 or dwelling, who is present in the development or dwelling at the

2-12 invitation, or with the consent or acquiescence, of a resident of the

2-13 development or dwelling.

2-14 Sec. 10. "Mixed-finance development" means a development

2-15 financed both by private persons and by the federal, state or local

2-16 government.

2-17 Sec. 11. "Mixed-income development" means a development

2-18 occupied both by persons of eligible income and by other persons.

2-19 Sec. 12. "Mixed-use development" means a development that

2-20 includes both residential and other uses.

2-21 Sec. 13. "Person of eligible income" means:

2-22 1. With respect to a development financed by the federal, state or

2-23 local government, a person or member of a family whose income

2-24 qualifies under the applicable program or, if there is no limit of income,

2-25 a person or family whose income or assets qualify pursuant to subsection

2-26 2; or

2-27 2. With respect to other developments, a person or member of a

2-28 family whose income or assets are insufficient without governmental

2-29 assistance or undue hardship, taking into account all available

2-30 resources, to purchase or rent decent, safe and sanitary dwellings of

2-31 adequate size.

2-32 Sec. 14. "Representative" means a commissioner, officer, employee

2-33 or agent of an authority.

2-34 Sec. 15. "Resident" means a person residing in a development with

2-35 the consent of the authority and in accordance with its rules, procedures

2-36 and policies.

2-37 Sec. 16. 1. An authority may acquire an interest in real or

2-38 personal property by gift, purchase, lease, exchange or eminent domain

2-39 and may donate, sell, lease, exchange or otherwise dispose of any

2-40 property.

2-41 2. At and after the time of acquiring occupied property, an authority

2-42 may allow an existing tenant to remain at the property upon terms that

3-1 the authority considers appropriate, even if the tenant is not a person of

3-2 eligible income.

3-3 3. An authority may operate programs to increase ownership of

3-4 homes by residents of its developments and other persons of eligible

3-5 income.

3-6 Sec. 17. An authority may:

3-7 1. Finance its developments and their maintenance from any

3-8 combination of public and private sources of revenue that may be

3-9 available, and from the income of its own investments, as its

3-10 commissioners deem appropriate.

3-11 2. Enter into arrangements for mixed-finance development and

3-12 provide financing for affordable housing owned wholly or in part by

3-13 others.

3-14 3. Carry out plans and agreements, and provide financial assistance

3-15 to governmental agencies and private persons, whether or not organized

3-16 for profit, to preserve, rehabilitate, maintain or procure existing

3-17 affordable housing in safe, decent and sanitary condition and ensure its

3-18 availability to persons of eligible income. The authority may establish or

3-19 agree to exclusions from income in determining eligibility for this

3-20 purpose.

3-21 Sec. 18. 1. An authority may mortgage, pledge, or otherwise

3-22 encumber or subject to a lien or security interest any real or personal

3-23 property of the authority or in which it holds an interest, to secure:

3-24 (a) Performance or the repayment of borrowed money by the

3-25 authority, or a guarantee of repayment; or

3-26 (b) Performance or repayment, or a guarantee of repayment, by an

3-27 affiliate of the authority or by parties to an arrangement into which the

3-28 authority has entered.

3-29 2. No guarantee of indebtedness, mortgage or security interest given

3-30 by an authority in connection with acquiring or renovating a

3-31 development may unreasonably jeopardize the financial well-being of the

3-32 authority as a whole or unreasonably expose to foreclosure or loss any

3-33 property of the authority other than the development acquired or

3-34 renovated with the money borrowed.

3-35 Sec. 19. 1. For the purposes set forth in subsection 2, an authority

3-36 may:

3-37 (a) Lend on the security of a mortgage, or subsidize such a loan, to or

3-38 for the benefit of a person of eligible income;

3-39 (b) Act as a conduit, fiduciary, borrower or lender in a program to

3-40 make financing available to persons of eligible income by purchasing

3-41 mortgages given by them or encumbering housing for them;

4-1 (c) Operate a program to provide financing for the creation and

4-2 operation, or the purchase, of affordable housing through the use of

4-3 federal or state tax credits or similar inducements;

4-4 (d) Make or guarantee loans for the acquisition, construction,

4-5 development or rehabilitation of housing for persons of eligible income

4-6 or of mixed-income development;

4-7 (e) Expend money to buy down rates of interest on mortgages or

4-8 otherwise enhance the availability of financing by mortgage to persons of

4-9 eligible income; and

4-10 (f) Enter into and perform agreements and arrangements with

4-11 financial institutions and other lenders.

4-12 2. The purpose of the activities set forth in subsection 1 are to

4-13 enhance the supply of financing:

4-14 (a) By mortgage at rates and on terms affordable to persons of eligible

4-15 income; and

4-16 (b) At rates and upon terms sufficiently attractive to encourage the

4-17 creation of housing for rent or purchase that is affordable to persons of

4-18 eligible income.

4-19 3. An authority may:

4-20 (a) Establish fees, conditions of repayment and other appropriate

4-21 terms and conditions with respect to assistance provided by it pursuant to

4-22 this section; and

4-23 (b) Make loans not secured by mortgage to a person or member of a

4-24 family whose income does not exceed 150 percent of the income

4-25 allowable under section 13 of this act.

4-26 Sec. 20. An authority may:

4-27 1. Forgive, compromise, or forbear from collecting or enforcing, in

4-28 whole or in part, a debt or obligation owed to it.

4-29 2. Administer programs to provide housing for rent, or assistance in

4-30 relocation, on its own behalf or for others in its area of operation.

4-31 Sec. 21. An authority may:

4-32 1. Borrow money or accept a grant or other financial assistance from

4-33 a private person and comply with otherwise lawful requirements and

4-34 conditions attached to the provision of the loan or assistance.

4-35 2. Enter into an arrangement with a private person, whether or not

4-36 organized for profit, to acquire, create, manage or operate a residential

4-37 development, including, without limitation, a mixed-income development,

4-38 supply services to the residents of the development and perform all

4-39 responsibilities under the arrangement.

4-40 Sec. 22. An authority may:

4-41 1. Manage or operate a residential development owned or controlled

4-42 by another authority, a governmental agency or a private person,

4-43 whether or not organized for profit;

5-1 2. Allow the operation or management of a development in which the

5-2 authority holds an interest by another authority, a governmental agency

5-3 or a private person, whether or not organized for profit; and

5-4 3. Allow the operation or management of a program, assistance or

5-5 service of the authority other than a development by another authority, a

5-6 governmental agency or a private person, whether or not organized for

5-7 profit, or administer any such program, assistance or service on behalf of

5-8 another authority or a governmental agency, upon such terms and for

5-9 such compensation as may be agreed.

5-10 Sec. 23. An authority may:

5-11 1. Construct and operate facilities and programs and provide

5-12 services, directly or through others, for the maintenance of safety and

5-13 security and the protection of persons and property at or near its

5-14 developments; and

5-15 2. Make and enforce rules for those purposes, consistent with the

5-16 provisions of NRS 315.011 to 315.071, inclusive.

5-17 Sec. 24. An authority may:

5-18 1. Purchase letters of credit, insurance for payment of bonds, or any

5-19 other device to enhance its credit that would establish or increase the

5-20 marketability of its bonds.

5-21 2. Pay its obligations from revenues or repayments of principal from

5-22 the development financed with the proceeds of the obligations, or

5-23 additionally from a grant by the state or Federal Government or an

5-24 agency of either, in aid of the development.

5-25 3. Waive one or more of the powers granted in NRS 315.680 to

5-26 315.730, inclusive, and sections 24 to 26, inclusive, of this act by a

5-27 resolution adopted by the affirmative vote of a majority of its

5-28 commissioners.

5-29 Sec. 25. 1. An authority may borrow money, for any purpose for

5-30 which it may issue bonds and within the authorized amount of a

5-31 particular issue of bonds, by issuing notes in anticipation of the receipt of

5-32 the proceeds of the bonds. An authority may also issue other notes,

5-33 certificates of indebtedness, certificates of participation and other

5-34 instruments for a purpose authorized by this chapter.

5-35 2. A note in anticipation may be issued for not more than 5 years,

5-36 and may be renewed for not more than 1 year, but each note must be

5-37 paid not later than 5 years after the note was originally issued.

5-38 3. A note or other instrument must be authorized by resolution of the

5-39 commissioners, and may be in such denomination and bear such interest,

5-40 or have such other incidents, as the resolution prescribes.

5-41 4. A note or other instrument may be sold at public or private sale at

5-42 such price or for such other consideration as the resolution prescribes.

5-43 The consideration may be real or personal property and, if the note is a

6-1 renewal note, it may be exchanged for such outstanding notes as the

6-2 authority determines.

6-3 5. An authority may issue bonds, notes, certificates or other

6-4 instruments evidencing indebtedness or participation in ownership on

6-5 behalf of others for any purpose authorized by this chapter.

6-6 Sec. 26. In the issuance of bonds to be sold at public sale, the

6-7 participating institution and the underwriter of the bonds are the agents

6-8 of the authority for preparing all disclosures and ensuring compliance

6-9 with all state and federal laws relating to the offering. The participating

6-10 institution and the underwriter shall accept this appointment in writing

6-11 and, unless indemnity is expressly waived by the authority, shall

6-12 indemnify and hold harmless the authority and its representatives and

6-13 the state and its agencies, and their respective officers and employees,

6-14 from any claim, loss or damage resulting from failure to comply with

6-15 state or federal law or from an inaccurate, incomplete, false or

6-16 misleading statement contained in a disclosure, unless the content of the

6-17 statement was provided to the participating institution or underwriter by

6-18 the authority.

6-19 Sec. 27. 1. An authority shall conduct its financial affairs in a

6-20 prudent and sound manner.

6-21 2. A guaranty or other instrument may not be given that provides for

6-22 recourse against the property of an authority other than the development

6-23 for whose financing it was given unless the commissioners adopt a

6-24 resolution finding that giving the guaranty or instrument:

6-25 (a) Is essential to obtain the financing with respect to which it is

6-26 given;

6-27 (b) Will not unreasonably expose the other property of the authority to

6-28 loss or foreclosure;

6-29 (c) Is commercially reasonable, taking into account the characteristics

6-30 of the transaction and the relative benefits and potential costs to the

6-31 authority; and

6-32 (d) Is prudent and sound.

6-33 Sec. 28. NRS 315.140 is hereby amended to read as follows:

6-34 315.140 NRS 315.140 to 315.780, inclusive, and sections 2 to 27,

6-36 1947.

6-37 Sec. 29. NRS 315.150 is hereby amended to read as follows:

6-38 315.150 Unless the context otherwise requires, the definitions

6-41 315.780, inclusive [.] , and sections 2 to 27, inclusive, of this act.

7-1 Sec. 30. NRS 315.320 is hereby amended to read as follows:

7-2 315.320 1. In each city, town or county of the state there is hereby

7-18 those laws relating to public employment, procurement and records.

7-19 Sec. 31. NRS 315.430 is hereby amended to read as follows:

7-20 315.430 An authority may:

7-30 authority.

7-31 Sec. 32. NRS 315.440 is hereby amended to read as follows:

7-32 315.440 [Within its area of operation, an authority may:

7-41 subdivision thereof in action taken in connection with such problems.]

8-1 1. An authority may plan, carry out, acquire, renovate, enlarge,

8-2 reduce, manage and operate residential, nonresidential and mixed-use

8-3 developments, including, without limitation:

8-4 (a) Preparation of the site and construction of improvements;

8-5 (b) Demolition or removal of buildings and other improvements from

8-6 land situated in a blighted area or slum; and

8-7 (c) Financing of affordable housing that is decent, safe and sanitary

8-8 and of other improvements described in subsection 2.

8-9 2. A development may include:

8-10 (a) Manufactured or modular housing, utilities and other

8-11 improvements related to the housing;

8-12 (b) Land, leaseholds, easements, licenses and other rights to the use

8-13 and occupancy of land;

8-14 (c) Common areas, streets, sidewalks, bicycle paths, drainage, parking

8-15 facilities, street lighting and landscaping;

8-16 (d) Community facilities, such as playgrounds, parks and other

8-17 facilities for sport or recreation of the residents and their guests;

8-18 (e) Community facilities to provide educational, vocational or training

8-19 programs and supportive services to the residents; and

8-20 (f) Appropriate commercial and other nonresidential facilities.

8-21 Sec. 33. NRS 315.450 is hereby amended to read as follows:

8-22 315.450 An authority may:

8-42 sufficiency of persons and families;

9-1 3. Award scholarships and conduct or provide for programs of

9-2 education and training; and

9-3 4. Collect fees or seek reimbursement of the costs for programs or

9-4 services provided pursuant to this section.

9-5 Sec. 34. NRS 315.470 is hereby amended to read as follows:

9-6 315.470 An authority may:

9-36 high degree of foreseeable risk.

9-37 Sec. 35. NRS 315.480 is hereby amended to read as follows:

9-38 315.480 An authority may exercise all or any part or combination of

9-40 to 26, inclusive, of this act.

9-41 Sec. 36. NRS 315.500 is hereby amended to read as follows:

9-42 315.500 [It is declared to be the policy of this state that each authority

9-43 shall manage and operate its housing projects in an efficient manner so as

10-1 to enable it to fix the rentals or payments for dwelling accommodations at

10-2 low rates consistent with its providing decent, safe and sanitary dwelling

10-3 accommodations for persons of low income, and that no authority shall

10-4 construct or operate any housing project for profit, or as a source of

10-5 revenue to the city, town or the county. To this end an authority shall fix

10-6 the rentals or payments for dwellings in its housing projects at no higher

10-7 rates than it shall find to be necessary in order to produce revenues which,

10-8 together with all other available moneys, revenues, income and receipts of

10-9 the authority from whatever sources derived, will be sufficient:

10-10 1. To pay, as the same become due, the principal and interest on the

10-11 bonds of the authority.

10-12 2. To create and maintain such reserves as may be required to assure

10-13 the payment of principal and interest as it becomes due on its bonds.

10-14 3. To meet the cost of, and to provide for, maintaining and operating

10-15 the housing projects (including necessary reserves therefor and the cost of

10-16 any insurance) and the administrative expenses of the authority.

10-17 4. To make such payments in lieu of taxes as it determines are

10-18 consistent with the maintenance of the low-rent character of the housing

10-19 projects.] An authority may:

10-20 1. Rent or lease dwellings, facilities or other real property it owns or

10-21 possesses, or has a contractual right to rent or lease, upon such terms

10-22 and for such rentals as it determines are appropriate.

10-23 2. Base its rents on family income, adjusted as appropriate, and set

10-24 minimum or maximum rents. The rents may differ between separate

10-25 developments of the authority.

10-26 3. Establish other standards or conditions as to rental that its

10-27 commissioners determine are appropriate.

10-28 Sec. 37. NRS 315.510 is hereby amended to read as follows:

10-29 315.510 [In the operation or management of housing projects an

10-30 authority shall at all times observe the following duties with respect to

10-31 rentals and tenant admissions:

10-32 1. It may rent or lease the dwelling accommodations therein only to

10-33 persons of low income and, as among low-income persons who are eligible

10-34 applicants for occupancy in dwellings of given sizes and at specified rents,

10-35 shall extend the following preferences in the selection of tenants:

10-36 (a) First: To families who are to be displaced by any low-rent housing

10-37 project or by any public slum clearance or redevelopment project initiated

10-38 after January 1, 1947, or who were so displaced within 3 years before

10-39 making application on authority for admission to any low-rent housing.

10-40 Among such families first preference must be given to families of disabled

10-41 veterans whose disability has been determined by the Department of

10-42 Veterans Affairs to be service connected, second preference must be given

10-43 to families of deceased veterans and servicemen whose death has been

11-1 determined by the Department of Veterans Affairs to be service connected,

11-2 and third preference must be given to families of other veterans and

11-3 servicemen.

11-4 (b) Second: To families of other veterans and servicemen. Among such

11-5 families first]

11-6 1. An authority shall, after determining eligibility, establish a

11-7 preference in the selection of tenants at least to the following extent.

11-8 First preference must be given to families of disabled veterans whose

11-9 disability has been determined by the Department of Veterans Affairs to be

11-10 service connected, and second preference must be given to families of

11-11 deceased veterans and servicemen whose death has been determined by the

11-12 Department of Veterans Affairs to be service connected.

11-13 2. [It may rent or lease to a tenant dwelling accommodations

11-14 consisting of a number of rooms, but no greater number, which it deems

11-15 necessary to provide safe and sanitary accommodations to the proposed

11-16 occupants thereof, without overcrowding.

11-17 3. An authority shall not accept any person or persons as tenants in any

11-18 housing project if the person or persons who occupy the dwelling

11-19 accommodations have, at the time of admission, an aggregate annual net

11-20 income, less an exemption of $200 for each minor member of the family

11-21 other than the head of the family and his spouse, in excess of 7 times the

11-22 annual rental of the quarters to be furnished such person or persons; but an

11-23 authority may agree to conditions as to tenant eligibility or preference

11-24 required by the Federal Government pursuant to federal law in any

11-25 contract for financial assistance with the authority. In computing the rental

11-26 for this purpose of admitting tenants, there must be included in the rental

11-27 the average annual cost, as determined by the authority, to occupants of

11-28 heat, water, electricity, gas, cooking fuel and other necessary services or

11-29 facilities, whether or not the charge for such services and facilities is

11-30 included in the rental.] An authority may establish criteria and

11-31 requirements for eligibility for assistance provided or administered by it

11-32 that may relate to income, work or employment, child care, education,

11-33 training for work and self-sufficiency of a person or member of a family.

11-34 The authority may also apply these criteria and requirements when

11-35 determining the amount and duration of the assistance provided.

11-36 3. The criteria may include preference for persons who are employed

11-37 or for families that include at least one member who is employed. The

11-38 authority may establish exclusions from income as necessary to apply

11-39 these preferences to persons who are employed.

11-40 Sec. 38. NRS 315.530 is hereby amended to read as follows:

11-41 315.530 [Any authority or authorities may join or cooperate with

11-43 for the purpose of financing, including the issuance of bonds, notes or

12-1 other obligations and the giving of security therefor, planning,

12-2 undertaking, owning, constructing, operating or contracting with respect to

12-3 a housing project or projects located within the area within which one or

12-4 more of such authorities are authorized to exercise their powers. For such

12-5 purpose any cooperating authority may, by resolution, prescribe and

12-6 authorize any authority so joining and cooperating with it to act in its

12-7 behalf in the exercise of any of such powers, or the cooperating authorities

12-8 may, by resolution, appoint from among the commissioners of such

12-9 authorities an executive committee with full powers to act on behalf of

12-10 such authorities with respect to any of their powers as prescribed by

12-11 resolution of such authority.]

12-12 1. An authority may form and operate one or more nonprofit

12-13 corporations and enter into other arrangements in connection with the

12-14 exercise of any of its powers. Participation in any such arrangement with

12-15 a natural person or nongovernmental entity does not render an activity of

12-16 an authority proprietary or deprive the authority of any privilege or

12-17 immunity.

12-18 2. An authority may function in an arrangement as a partner or

12-19 other part-owner or as an investor, lender or guarantor and may exercise

12-20 such rights and undertake such obligations as its commissioners

12-21 determine to be appropriate.

12-22 Sec. 39. NRS 315.540 is hereby amended to read as follows:

12-23 315.540 [An authority shall agree to make such payments in lieu of

12-39 subsection 1.

12-40 Sec. 40. NRS 315.560 is hereby amended to read as follows:

12-41 315.560 [1. In addition to the powers conferred upon an authority by

12-42 other provisions of NRS 315.140 to 315.780, inclusive, an authority may:

13-1 (a) Borrow money or accept contributions, grants or other financial

13-2 assistance from the Federal Government for or in aid of any housing

13-3 project within its area of operation.

13-4 (b) Take over or lease or manage any housing project or undertaking

13-5 constructed or owned by the Federal Government, and to these ends, to

13-6 comply with such conditions and enter into such mortgages, trust

13-7 indentures, leases or agreements as may be necessary, convenient or

13-8 desirable.

13-9 2. In any contract with the Federal Government for annual

13-10 contributions to an authority, the authority may obligate itself (which

13-11 obligation shall be specifically enforceable and shall not constitute a

13-12 mortgage, notwithstanding any other laws) to convey to the Federal

13-13 Government possession of or title to the project to which such contract

13-14 relates, upon the occurrence of a substantial default (as defined in such

13-15 contract) with respect to the covenants or conditions to which the authority

13-16 is subject. Such contract may further provide that in case of such

13-17 conveyance, the Federal Government may complete, operate, manage,

13-18 lease, convey or otherwise deal with the project in accordance with the

13-19 terms of such contract; provided, that the contract requires that, as soon as

13-20 practicable after the Federal Government is satisfied that all defaults with

13-21 respect to the project have been cured and that the project will thereafter be

13-22 operated in accordance with the terms of the contract, the Federal

13-23 Government shall reconvey to the authority the project as then constituted.

13-24 3. It is the purpose and intent of NRS 315.140 to 315.780, inclusive, to

13-25 authorize every authority to do any and all things necessary or desirable to

13-26 secure the financial aid or cooperation of the Federal Government in the

13-27 undertaking, construction, maintenance or operation of any housing project

13-28 by such authority.] An authority may:

13-29 1. Borrow money or accept a grant or other financial assistance from

13-30 this state, local subdivisions thereof or the Federal Government in

13-31 connection with any program pursuant to this chapter, take all actions

13-32 necessary to comply with the requirements of a state or federal program

13-33 of assistance to authorities and perform any obligation required under its

13-34 agreement or by state or federal law to obtain the loan or assistance.

13-35 2. Assume, lease or manage a development or undertaking

13-36 constructed or owned by the state or the Federal Government.

13-37 3. Participate in a plan or program of the state or the Federal

13-38 Government that provides revenues to carry out the activities authorized

13-39 by this chapter.

13-40 4. Operate or administer a program of rental assistance for itself or

13-41 on behalf of others.

13-42 Sec. 41. NRS 315.600 is hereby amended to read as follows:

13-43 315.600 1. An authority [shall have power:

14-1 1. To issue bonds from time to time, in its discretion, for any of its

14-2 corporate purposes.

14-3 2. To issue refunding bonds for the purpose of paying or retiring

14-4 bonds previously issued by it.] may issue bonds from time to time, and fix

14-5 their terms and conditions for any purpose allowed pursuant to this

14-6 chapter and may issue refunding or advance refunding bonds to pay or

14-7 retire bonds previously issued. NRS 315.600 to 315.780, inclusive, and

14-8 sections 24 to 26, inclusive, of this act constitute full and complete

14-9 authority for the issuance, delivery and sale of bonds pursuant to this

14-10 chapter without reference to or compliance with any other statute of this

14-11 state.

14-12 2. Bonds of an authority must be authorized by a resolution adopted

14-13 by the vote of a majority of its commissioners.

14-14 Sec. 42. NRS 315.610 is hereby amended to read as follows:

14-15 315.610 1. [An authority may issue such types of bonds as it may

14-42 or bonds subject to federal taxation of interest.

14-43 Sec. 43. NRS 315.620 is hereby amended to read as follows:

15-1 315.620 1. Neither the commissioners of an authority nor any person

15-2 executing [the] bonds or other instruments is liable personally on the

15-3 bonds by reason of the issuance thereof.

15-4 2. The bonds and other [obligations] instruments of an authority are

15-5 not, and must state on their face that they are not, a debt of the city, the

15-6 county, the state or any other political subdivision thereof, and , unless

15-7 liability is assumed by agreement and specifically provided in the bonds,

15-8 neither the city, the county, the state nor any other political subdivision

15-9 thereof is liable thereon, nor [in any event] are the bonds or obligations

15-10 payable out of any funds or properties other than those of the authority.

15-11 [The]

15-12 3. Unless liability on the part of this state or a political subdivision

15-13 thereof is assumed by agreement, the bonds do not constitute an

15-14 indebtedness within the meaning of any constitutional or statutory debt

15-15 limitation or restriction.

15-16 Sec. 44. NRS 315.640 is hereby amended to read as follows:

15-17 315.640 1. The bonds may be sold at public [or private sale.] sale

15-23 marketing of its bonds.

15-24 Sec. 45. NRS 315.660 is hereby amended to read as follows:

15-25 315.660 1. No action or proceeding involving the validity or

15-36 315.780, inclusive.] this chapter.

15-37 Sec. 46. NRS 315.670 is hereby amended to read as follows:

15-38 315.670 In connection with the issuance of bonds or the incurring of

15-42 26, inclusive, of this act.

15-43 Sec. 47. NRS 315.690 is hereby amended to read as follows:

16-1 315.690 An authority may:

16-2 1. Covenant against pledging all or any part of its rents, fees and

16-3 revenues, or against mortgaging all or any part of its real or personal

16-4 property, to which its right or title then exists or may thereafter come into

16-5 existence, or against permitting or suffering any lien on such revenues or

16-6 property.

16-7 2. Covenant with respect to limitations on its right to sell, lease or

16-8 otherwise dispose of [any housing project] a development or any part

16-9 thereof.

16-10 3. Covenant as to what other [,] or additional debts or obligations may

16-11 be incurred by it.

16-12 4. Covenant as to the bonds to be issued and as to the issuance of

16-13 [such] the bonds in escrow and otherwise, and as to the use and disposition

16-14 of the proceeds thereof.

16-15 5. Provide for the replacement of lost, destroyed or mutilated bonds.

16-16 6. Covenant against extending the time for the payment of its bonds or

16-17 interest thereon.

16-18 7. Covenant for the redemption of the bonds, and to provide the terms

16-19 and conditions thereof.

16-20 Sec. 48. NRS 315.700 is hereby amended to read as follows:

16-21 315.700 An authority may:

16-31 [moneys] money held in [such] those funds.

16-32 Sec. 49. NRS 315.730 is hereby amended to read as follows:

16-33 315.730 An authority may:

16-43 authority with [such obligees.] the trustees.

17-1 3. Provide for the powers and duties of [such obligees] the trustees

17-2 and limit the liabilities thereof.

17-3 4. Provide the terms and conditions upon which [such obligees]

17-4 trustees or the holders of a specified proportion of its bonds may enforce

17-5 any covenant or rights securing or relating to the bonds.

17-6 Sec. 50. NRS 315.760 is hereby amended to read as follows:

17-7 315.760 1. The state and all public officers, municipal corporations,

17-32 notwithstanding any restrictions on investments contained in other laws.]

17-33 Sec. 51. NRS 315.780 is hereby amended to read as follows:

17-34 315.780 By its resolution, trust indenture, mortgage, lease or other

17-42 any court of competent jurisdiction:

18-1 1. To cause possession of [any housing project] a development or any

18-2 part thereof to be surrendered to any such obligee.

18-3 2. To obtain the appointment of a receiver of [any housing project of

18-4 the authority or any] a development or part thereof and of the rents and

18-5 profits therefrom. If the receiver [be] is appointed, he may enter and take

18-6 possession of [such project or any] the development or part thereof and

18-7 operate and maintain it, collect and receive all fees, rents, revenues or other

18-8 charges thereafter arising therefrom, and shall keep such [moneys] money

18-9 in a separate account or accounts and apply [the same] it in accordance

18-10 with the obligations of the authority as the court shall direct.

18-11 3. To require the authority to account as if it were the trustees of an

18-12 express trust.

18-13 4. To obtain a judgment for any deficiency remaining after the

18-14 foreclosure and sale of the security for an obligation. Except with respect

18-15 to property developed with money provided by the Federal Government,

18-16 unless the Federal Government otherwise authorizes, the judgment is a

18-17 lien upon the property of the authority and may be enforced by

18-18 execution. The authority or the city or county with respect to which it is

18-19 established may purchase the property sold upon the execution, may cure

18-20 the default before execution or may take any other step necessary to

18-21 protect the public interest or the property of the authority.

18-22 Sec. 52. NRS 315.988 is hereby amended to read as follows:

18-23 315.988 1. The state authority may exercise all or any part or

18-31 same manner and to the same extent as they apply to local authorities.

18-32 Sec. 53. NRS 350A.095 is hereby amended to read as follows:

18-33 350A.095 "Revenue securities" means notes, warrants, interim

18-42 pursuant to the provisions of NRS 244A.669 to 244A.763, inclusive,

19-1 268.512 to 268.568, inclusive, or 315.140 to 315.780, inclusive [.] , and

19-2 sections 2 to 27, inclusive, of this act.

19-3 Sec. 54. NRS 315.230, 315.260, 315.300, 315.310, 315.460, 315.520,

19-4 315.580, 315.590 and 315.630 are hereby repealed.

19-5 LEADLINES OF REPEALED SECTIONS

19-6 315.230 "Housing project" defined.

19-7 315.260 "Persons of low income" defined.

19-8 315.300 "Veteran" and "serviceman" defined.

19-9 315.310 Exemption of real property from execution, process and

19-12 315.460 Powers relating to real and personal property.

19-13 315.520 Remedies of authority’s obligee: Effect of NRS 315.500

19-15 315.580 Housing for veterans and servicemen.

19-16 315.590 Lease of government war housing projects by authority.

19-17 315.630 Resolution authorizing bonds: Contents.